Are you interested in the opportunity of buying property in Belarus to move here or as a good investment?
With the help of our expert Yuri, we made a brief overview of the real estate market in Belarus in general, and in Minsk in particular.
In our review, we included the projected trend in price changes, current prices and the best places to buy real estate in Belarus.
I must say that over the past 12 years, real estate prices in Belarus have been dramatically changing in both directions. It mainly happened due to the impact of external and internal crises on the purchasing power of Belarusians and the attractiveness of real estate. You can check the immobility prices dynamics in Belarus.
We can see quite a strong dependence on real estate prices on the average salary in the country, expressed in US dollars. Of course, there are other influencing factors, such as interest rate on credit rates and others.
Property Prices in Neighboring Countries
If we compare the situation in Minsk’s neighboring capitals, then for the last two and a half years the prices for apartments in Minsk have slightly decreased, while they insignificantly increased in Kyiv and Moscow, and have grown by 20-25% in Riga, Vilnius, and Warsaw.
Real Estate in Belarus by City
If we compare the Belarusian capital with the regional centers and the largest cities of Belarus, the situation here is the following: the ratio of apartment prices in Minsk and other cities is now greater than ever in recent decades. It means that apartments in other major cities of Belarus have become relatively more affordable.
|
City |
Population, thous. | Price in USD, December 2013* | Price in USD, June 2018 |
|
|
| 1938 | 1726 | 100,00% | 1279 |
100,00% |
|
| 517 | 969 | 56,14% | 561 |
43,86% |
|
| 375 | 913 | 52,90% | 568 |
44,41% |
|
| 366 | 1066 | 61,76% | 572 |
44,72% |
|
| 361 | 961 | 55,68% | 597 | 46,68% | |
| 336 | 1007 | 58,34% | 660 | 51,60% | |
| Bobruisk | 218 | 701 | 40,61% | 423 |
33,07% |
| Baranovichi | 179 | 686 | 39,75% |
478 |
37,37% |
|
Borisov |
145 | 844 | 48,90% | 528 | 41,28% |
| 138 | 756 | 43,80% | 476 |
37,22% |
|
| Orsha | 117 | 691 | 40,03% | 438 |
34,25% |
|
Mozyr |
112 | 647 | 37,49% | 407 | 31,82% |
| Soligorsk | 106 | 912 | 52,84% | 728 |
56,92% |
|
Novopolotsk |
102 | 844 | 48,90% | 516 | 40,34% |
| Lida | 100 | 749 | 43,40% | 540 |
42,22% |
|
Molodechno |
95 | 942 | 54,58% | 647 | 50,59% |
| Polotsk | 85 | 824 | 47,74% | 526 |
41,13% |
The prices of real transactions according to Realt.by portal data
Briefly summarizing, it can be said that the real estate market in Belarus, prices of apartments in particular, depend heavily on the economic situation in the country, which has not been stable in recent years.
Real estate prices have now stabilized near the lowest level of the last 11 years. The maximum of an average price of apartments in Minsk was in October 2007 – $2011/m2, and the minimum price was $1133/m2 in June 2017. It is forecasted that in the coming years the prices will grow, but not fast.
The choice and offer today are very rich as well. So, it is likely that today is a very suitable time for making investments in real estate in Belarus, especially in the regions. This applies not only to the housing (apartments and private houses) but also to the commercial real estate.
You can find suitable houses/apartments in Belarus on these websites: WorldImmotrade, 4321Property or Domaza
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